Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Views - The National Development and Reform Commission has introduced new pricing regulations for power transmission and distribution, which will promote the development of green electricity. The new regulations focus on local consumption and cross-province transmission, facilitating the utilization of renewable energy and enhancing the efficiency of power grid companies [2][13] - The exploration of a two-part or capacity-based pricing system for cross-province and cross-region projects will stabilize the revenue from clean energy transmission and improve the utilization rate of high-voltage channels [3][14] - Multiple provinces are rolling out market-oriented trading plans for 2026, which will accelerate the transformation of the electricity market by mandating a high proportion of long-term contracts and ensuring that coal-fired power trading prices fluctuate within a specified range [8][10] Summary by Sections Industry Overview - The report highlights the positive impact of new transmission and distribution pricing regulations on renewable energy consumption and the introduction of market-oriented trading plans for 2026 [2][8] Market Performance - The Shanghai Composite Index closed at 3,888.6 points, up 1.4%, while the CSI 300 Index rose 1.64% to 4,526.66 points. The CITIC Power and Utilities Index increased by 0.88%, underperforming the CSI 300 by 0.76 percentage points [63][64] Key Investment Opportunities - The report recommends focusing on flexible resources such as thermal power and investment opportunities in energy storage and virtual power plants. Specific stocks highlighted include Huaneng International, Huadian International, and China Nuclear Power [8][9]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental protection sectors [5][7]. Core Views - The report highlights that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power companies. Recommendations include major thermal power enterprises such as Huadian International and Shanghai Electric, which has relatively stable regional electricity prices [22]. - Continuous government policies supporting renewable energy development are anticipated to lead to gradually stable profitability in renewable energy generation. Recommended companies include leading national renewable energy firms Longyuan Power and Three Gorges Energy, as well as regional offshore wind power companies [22]. - The report suggests that the growth in installed capacity and electricity generation will offset the downward pressure on electricity prices, with nuclear power companies expected to maintain stable profitability. Recommended companies include China National Nuclear Power and China General Nuclear Power [22]. - The report emphasizes the defensive attributes of hydropower stocks in a global interest rate decline environment, recommending Longjiang Power, which combines stability and growth [22]. - The report identifies investment opportunities in the environmental sector, particularly in water and waste incineration industries, which are entering a mature phase with improved free cash flow [23]. Summary by Sections Market Review - The Shanghai Composite Index fell by 3.77%, with the public utility index down 4.33% and the environmental index down 6.02%. The relative performance of public utilities and environmental sectors ranked 10th and 23rd among 31 first-level industry classifications [15][25]. Important Events - The Ministry of Finance has allocated the first batch of ecological and environmental protection funds for 2026, totaling 40 billion yuan for integrated protection and restoration projects, 153 billion yuan for ecological restoration of abandoned mines, and 136 billion yuan for marine ecological protection projects [16]. Investment Strategy - The report recommends various companies across different sectors, including: - Thermal Power: Huadian International and Shanghai Electric - Renewable Energy: Longyuan Power, Three Gorges Energy, and regional offshore wind companies - Nuclear Power: China National Nuclear Power and China General Nuclear Power - Hydropower: Longjiang Power - Environmental: Guangda Environment and Zhongshan Public Utilities, focusing on mature sectors with improved cash flow [3][22][23]. Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for several companies, all rated as "Outperform," including Huadian International, Longyuan Power, and Guangda Environment, among others [7][8].

证券代码：600163 证券简称：中闽能源 公告编号：2025－041 中闽能源股份有限公司 关于控股股东资产注入有关进展情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 近期，中闽能源股份有限公司（以下简称"公司"或"上市公司"）关注到 在"上证 e 互动"、业绩说明会等平台，投资者频繁询问公司控股股东福建省投 资开发集团有限责任公司（以下简称"福建投资集团"）关于避免同业竞争承诺 中有关资产注入的进展情况。公司为回应投资者关切，经对相关事项进行核实， 现将有关情况公告如下： 一、福建投资集团关于避免同业竞争的承诺 公司于 2019 年申请重大资产重组即向福建投资集团发行股份和可转换公司 债券购买福建中闽海上风电有限公司 100%股权并募集配套资金时，公司控股股 东福建投资集团出具了关于避免同业竞争的承诺，其中有关资产注入的承诺为： "本公司承诺，本次重大资产重组完成后，在闽投海电、闽投电力、闽投抽水蓄 能、宁德闽投、霞浦闽东中的任意一家实体稳定投产、于一个完整会计年度内实 现盈利、不存在合规性问题并符合上市条件后 ...

证券代码：600163 证券简称：中闽能源 公告编号：2025－041 中闽能源股份有限公司 关于控股股东资产注入有关进展情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 近期，中闽能源股份有限公司（以下简称"公司"或"上市公司"）关注到 在"上证 e 互动"、业绩说明会等平台，投资者频繁询问公司控股股东福建省投 资开发集团有限责任公司（以下简称"福建投资集团"）关于避免同业竞争承诺 中有关资产注入的进展情况。公司为回应投资者关切，经对相关事项进行核实， 现将有关情况公告如下： 二、控股股东资产注入的进展情况 1、闽投海电：截至目前，闽投海电投建的莆田平海湾海上风电场三期项目 （以下简称"海电三期项目"）的补贴合规性尚未获得最终核查确认，暂不符合 协商启动注入上市公司的条件。公司控股股东福建投资集团作出补充说明：待海 电三期项目的可再生能源发电补贴自查核查结果确认后三个月内，将与公司充分 协商，启动闽投海电即海电三期项目资产注入程序。具体情况详见公司于 2023 年 12 月 16 日披露的《中闽能源关于控股股东资产 ...

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [8] Core Insights - Guangdong has proposed a mechanism for sharing excess profits among electricity sales companies, which is expected to rationalize pricing behavior and reduce speculative pricing in the market [2][11] - The new policies aim to guide electricity sales companies to shift from a speculative pricing model to a service-oriented model, thereby stabilizing electricity prices and ensuring reasonable returns [11] - The report highlights that the profitability of independent electricity sales companies in Guangdong has increased, leading to a significant rise in the number of companies participating in the electricity market [11] Summary by Sections Electricity Sales Companies - Guangdong's new policy will share excess profits from electricity sales companies with retail users, compressing the arbitrage space and promoting rational pricing [2][11] - The shift in business model from arbitrage to providing value-added services is expected to stabilize market pricing and reduce irrational competition [11] Market Trends - The report notes that the average profit per kilowatt-hour for independent electricity sales companies in Guangdong reached 3.22 cents in the first half of 2025, an increase from 3.1 cents in 2024 [11] - The number of electricity sales companies in Guangdong rose from 257 in 2024 to 350 in 2025, a 36% increase, indicating strong market interest [11] Investment Recommendations - The report recommends focusing on quality coal-fired power operators such as Huaneng International, Datang Power, and Guodian Power, as well as hydropower companies like Yangtze Power and State Power Investment [11] - It also suggests investing in renewable energy companies like Longyuan Power and China Nuclear Power, which are expected to benefit from favorable policy changes [11]

Investment Rating - The report maintains an "Accumulate" rating for the electricity sector [5] Core Insights - In October, the national electricity consumption increased by 10.4% year-on-year, with a cumulative electricity consumption of 86,246 billion kWh from January to October, representing a 5.1% year-on-year growth [1][10] - The first industry saw a significant increase in electricity demand, with a monthly growth rate of 13.2% in October, while the second industry improved to a 6.2% year-on-year growth in the same month [2][16] - The third industry experienced a notable increase in electricity consumption, with a monthly growth rate of 17.1% in October, driven by rapid growth in the charging and information technology service sectors [2][12] - Residential electricity consumption surged to a monthly growth rate of 23.9% in October, influenced by cold weather [2][12] Summary by Sections Electricity Consumption - In October, the total electricity consumption reached 8,572 billion kWh, marking a 10.4% increase year-on-year [1][10] - From January to October, the cumulative electricity consumption was 86,246 billion kWh, with the industrial electricity generation amounting to 80,625 billion kWh [1][10] Electricity Generation - In October, the industrial electricity generation was 8,002 billion kWh, reflecting a year-on-year growth of 7.9% [2][27] - The report highlights a shift in electricity generation types, with industrial thermal power increasing by 7.3% in October, while hydroelectric and solar power growth rates slowed down [3][32] Investment Recommendations - The report emphasizes the importance of developing renewable energy and suggests focusing on green electricity operators with advantageous resource locations and low financing costs [4][50] - Specific companies recommended for investment include Huaneng International, Huadian International, and China Nuclear Power, among others [4][50]

Core Points - The company held its second extraordinary general meeting of shareholders on November 18, 2025, with all proposed resolutions approved [2][3][5] - The meeting was conducted in compliance with relevant laws and regulations, with legal verification confirming the legitimacy of the proceedings [5][6] Group 1: Meeting Details - The meeting took place at the International Building in Fuzhou, Fujian Province, and was attended by all directors and the board secretary [2][4] - Voting was conducted through a combination of on-site and online methods, ensuring compliance with the Company Law and the company's articles of association [2][3] Group 2: Board Resolutions - The election of the 10th Board of Directors was successfully conducted, with all candidates approved [3][9] - The board elected Guo Zheng as the chairman for a term of three years, aligning with the board's term [9][10] - The board also approved the appointments of senior management, including Guo Zheng as the general manager, with all appointments set for a three-year term [12][13][14] Group 3: Committee Appointments - The board established various specialized committees, with members and chairs appointed for a three-year term [11][12] - The Strategic Committee, Audit Committee, Nomination Committee, and Compensation and Assessment Committee were formed with specific members designated [11][12] Group 4: Legal Verification - The meeting was witnessed by lawyers from Fujian Junli Law Firm, confirming that all procedures and resolutions were legally valid [5][6]

证券代码：600163 证券简称：中闽能源 公告编号：2025-039 中闽能源股份有限公司 2025年第二次临时股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 11 月 18 日 (二)股东会召开的地点：福建省福州市五四路 210 号国际大厦 22 层第一会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 116 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,312,714,800 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 68.9814 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次股东会由公司董事会召集、董事长郭政先生主持，公司全体董事和董事 会秘书出席了会议，部分高级管理人员列席了会议；本次会议采 ...

关于中闽能源股份有限公司 2025 年第二次临时股东会的 法律意见书 福建君立律师事务所 2025 年 11 月 福建君立律师事务所 关于中闽能源股份有限公司 2025 年第二次临时股东会的法律意见书 地址 ADD：福州市鼓楼区工业路 572 号凤凰望郡三楼 邮政编码 ZIP：350002 电话 TEL：+86-591-87563807/87563808/87563809 传真 FAX：+86-591-87530756 致：中闽能源股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民 共和国公司法》（以下简称"《公司法》"）和中国证券监督管理委员会《上市 公司股东会规则》（以下简称"《股东会规则》"）等法律、法规和其他有关规 范性文件的要求，福建君立律师事务所（以下简称"本所"）接受中闽能源股份 有限公司（以下简称"公司"）的委托，指派律师参加公司 2025 年第二次临时 股东会（以下简称"本次股东会"）。 本所声明：本所律师仅对本次股东会的召集程序、召开程序、出席会议人员资 格、召集人资格、表决程序、表决结果及会议决议发表法律意见，并不对本次股东 会所审议的议案内容和该等议案中所 ...

证券代码：600163 证券简称：中闽能源 公告编号：2025-040 中闽能源股份有限公司 第十届董事会第一次临时会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 中闽能源股份有限公司（以下简称"公司"或"中闽能源"）第十届董事会 第一次临时会议通知和材料于已于 2025 年 11 月 18 日，由公司证券法务部（董 事会办公室）以直接送达的方式提交全体董事，会议于 2025 年 11 月 18 日在福 州市五四路 210 号国际大厦 22 层第一会议室以现场和视频相结合的方式召开。 本次会议由公司全体董事推选郭政先生召集并主持，公司拟任高级管理人员列席 了会议，会议的召集、召开符合有关法律、行政法规、部门规章、规范性文件和 《公司章程》的有关规定。 二、董事会会议审议情况 经全体与会董事认真审议，以记名投票表决方式，逐项表决审议通过了以下 议案： 1、审议通过了《关于选举公司第十届董事会董事长的议案》 会议选举郭政先生为公司第十届董事会董事长，任期三年，与本届董事会任 期一致。 表决结果 ...